Normally, opening a merchant account needs great initial investment, often around or above $600. Cheap merchant accounts are a viable alternative to this. These accounts need low initial investments and payments. Cheap merchant accounts are a great boon for all small and home based business owners, and also for first time online merchants. best offshore merchant account
With cheap merchant accounts, you have to either pay a fee of fixed rate when your site sells items or a monthly payment based on your business volume. The transaction fees of these accounts are usually higher than normal accounts, often 6% to 15% of the transacted amount. Thus, it is good to open a cheap merchant account at the beginning of your business, and then change to a normal account when the sales volume increases.
Opening cheap merchant accounts are easier than opening other accounts. You can open an account within hours or days. Usually, there will not be any credit or bank account checking. The set up fees are usually around $50. This enables you to save hundreds of dollars. For small scale businesses, cheap merchant accounts can save huge amounts of money by avoiding paper works and other human interventions. For businessmen whose clients are mainly foreigners, multicurrency international accounts are more suitable. As a result of the increased competition in the merchant account industry, more attractive cheap accounts are introduced everyday.
The most important step in constructing cheap merchant accounts is the finding of a cheap merchant account provider (MAP). Banks often do not offer these accounts. You must do extensive research to find out a good MAP. The most appropriate place to look for an MAP is the Internet. Choose an account only with those who offer proper backing up of your website from frauds and who keep all information about your clients secure.